Topic
Legislation / Regulation
Ontario adjudicator, Aviva targets of “conflict-of-interest” complaints
August 18, 2023 by Alyssa DiSabatinoThe Ontario Trial Lawyers Association (OTLA) filed formal complaints this month against Aviva Canada and Licence Appeal Tribunal (LAT) adjudicator Thérèse Reilly, alleging the adjudicator was in a “conflict of interest” when she continued adjudicating LAT tribunal panels in insurance…
Angry at losing a deal? Don’t take it out on the client
August 18, 2023 by David GambrillFrustrated at losing a deal in a competitive marketplace? Don’t take it out on the client, B.C.’s broker regulator has warned. A B.C. broker received a reprimand from the Insurance Council of B.C. for sending an angry letter to a…
Regulator seeks feedback on public warning notices
August 14, 2023 by Jason ContantOntario’s financial services regulator is consulting on proposed guidance for how and when it issues public warning notices. The guidance applies to all sectors (except pensions) regulated by the Financial Services Regulatory Authority of Ontario (FSRA), which includes property and…
Would a government ban of ransomware work?
August 8, 2023 by David GambrillIn the United States, the White House has floated the idea of a total ban on ransomware payments, a move that could change the role of a company’s chief information and security officer (CISO), says one expert on corporate information…
Why auto regulator fined Aviva and S&Y $300K each
August 4, 2023 by David GambrillOntario’s insurance regulator has fined Aviva Insurance Company of Canada (AIC) and its subsidiary S&Y Insurance Company (S&Y) $300,000 each for breaching the province’s “take all comers” rule for auto insurance. In a settlement with the Financial Services Regulatory Authority…
Broker fined for not disclosing disciplinary history
July 25, 2023 by David GambrillA Manitoba broker has been fined $500 and ordered to pay investigation costs of $2,000 for failing to disclose to the province’s broker regulator that he had previously been the subject of a disciplinary investigation by B.C.’s broker regulator. “The…
Zenith Insurance ends broker contract; Alberta Finance Minister cites rate pause
July 20, 2023 by Alyssa DiSabatinoEditor’s Note: On Friday July 21, 2023, Canadian Underwriter sent out an e-newsletter with an incorrect subject heading, implying that Zenith pulled out of auto insurance in Alberta. In fact, Zenith has only cancelled a contract with a brokerage that…
Brokerage wins limited injunction against regulator’s new rule
July 19, 2023 by David GambrillFS Insurance Brokers (FSIB), a B.C. insurance broker that has common ownership with a strata property management company, has won a limited injunction against a new rule proposed by the province’s broker regulator, pending judicial review of the new rule.…
New government commits to auto insurance reform
July 17, 2023 by David GambrillAlberta’s new UCP government has tasked its minister of finance, Nate Horner, to come up with options for auto insurance reform. Alberta Premier Danielle Smith sent a mandate letter to Horner dated July 13 instructing Horner to lead a review…
Has COVID-19 changed restaurant insurance forever?
July 13, 2023 Jason ContantCanada’s hospitality sector was particularly hard-hit by the COVID-19 pandemic, with government-mandated shutdowns and restrictions grinding the industry to a halt. Now, as restaurants return to pre-pandemic foot traffic and revenue levels, the need for insurance solutions and capacity is…
OSFI calls for detailed reporting of insurers’ climate risks
July 12, 2023 by David GambrillCanada’s solvency regulator has published its draft Climate Risk Returns for federally regulated P&C insurance companies, proposing in detail how insurers should be calculating any real and potential climate risks on their books. The forms were created in partnership between…
Which peril might bankrupt the Canadian P&C industry?
June 28, 2023 Canadian Underwriter StaffOttawa’s effort to build policy around flood risk in the face of climate change is important, but it overlooks a peril that could be far more catastrophic for Canadian P&C insurers, Alister Campbell, president and CEO of Property and Casualty…